Bitcoin, the largest cryptocurrency by market capitalization, tanked to the $8,200 level on the Binance.US exchange before recovering within seconds.
Binance US casually wicking down to $8200 pic.twitter.com/UykFPl5OAc— satsdart 🔺 (@satsdart) October 21, 2021
It is not clear whether this extreme volatility was caused by deliberate market manipulation or a costly mistake.
Abnormalities have also been observed on the Kraken exchange, where Bitcoin briefly dropped to the $54,000 level.The benchmark cryptocurrency is trading at the $64,500 level on major spot exchanges at press time.
Bitcoin reached a new all-time high just above the $67,000 level on Oct. 20, but it has since shed some gains, with volatility now showing its ugly side.
Binance.US was launched in late 2019 as an offshoot of the Binance exchange to fend off regulatory pressure in the U.S.
In early August, the exchange made headlines after CEO Brian Brooks abruptly resigned after just a few months on the job.